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__    __     ___      _  _    _    _     _____   
\ \\ / //   / _ \\   | \| || | || | ||  /  ___|| 
 \ \/ //   / //\ \\  |  ' || | || | || | // __   
  \  //   |  ___  || | .  || | \\_/ || | \\_\ || 
   \//    |_||  |_|| |_|\_||  \____//   \____//  
    `     `-`   `-`  `-` -`    `---`     `---`

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Text this: Inefficiency in the Shadow of Unobservable Outside Options